I already have insurance. Why do I need an umbrella policy?

Posted on December 16, 2022December 13, 2022 by admin

When it comes to insurance, one of the most important things to consider is whether or not you have an umbrella policy. An umbrella policy acts as a safety net for your other insurance policies and can protect you from significant financial losses in the event of a lawsuit or other major incident.

But why do you need an umbrella policy if you already have all of your other standard insurance coverage, like home, auto, or life insurance? Texas Independent Insurance, serving the greater Allen, TX community, is happy to assist with all your queries.

Here are two reasons why having an umbrella policy is so crucial:

Protects against excess liability costs

Umbrella policies provide additional liability protection above and beyond what your standard policies cover. For example, if someone were to sue you for damages incurred in a car accident that was caused by your negligence, your auto insurance policy would only cover a certain amount of the damages.

However, if you have an umbrella policy in addition to your other insurance coverage, your umbrella policy could provide that additional protection for larger amounts of liability costs.

Provides broader coverage than standard policies

One of the main reasons why people invest in umbrella policies is because they offer much broader coverage than standard insurance policies. For example, most standard insurance policies cover things like bodily injury or property damage up to specific dollar limits. But with an umbrella policy, you can buy much more comprehensive protection and choose how high your coverage limit goes – often high as $1 million or more.

This means that if another driver gets into an accident with you and incurs significant medical bills or other losses, your umbrella policy will kick in to cover those costs if you run out of coverage from your other policies.

Contact Us Today

If you are interested in an umbrella policy, call Texas Independent Insurance today. We proudly serve the Allen, TX area.

What is a Flood Map?

Posted on November 28, 2022December 1, 2022 by admin

Flood insurance is not a requirement by law for Allen, TX homeowners, though a lender can require you to obtain a policy. This is true, particularly if they are government-backed. In addition, many people decide to purchase this type of indemnification for the protection it can offer in the event of a flood. Texas Independent Insurance is here to help.

Flood Insurance & Flood Mapping

Flood insurance is not specifically offered through homeowners or other property insurance and is a separate product. You can determine your specific risk of a flood event by looking at a flood map. These are created by FEMA and are updated every couple of years, and this is done to give current information, as topological features can change.

New housing developments alter water pathways, as clearing, excavation and drainage can affect the landscape. Climate change is also a recurring event that can create rising waters in various parts of the country, in addition to heavier rainfall and the potential for flash flooding.

The flood map resource gives residents information regarding the boundaries of the flood plane in their community and the elevations. Your Texas Independent Insurance agent can provide you with more specific details about your Allen, TX location.

The data contained in the flood map helps to determine the premiums you will pay and the likelihood and severity of a flood. Floods can be the result of wet weather streams, overflowed gullies, roadside ditches, and rivers or creeks that rise during heavy rains.

The particular features of your environment can play a factor as well, and the map takes all this into consideration. A city street on a hill that fails to drain properly will have different effects than dry country ground or marshland that does not perk properly.

We Can Help

Contact us by stopping in our office, giving us a call, or reaching out to us online. We at Texas Independent Insurance look forward to serving all your insurance needs.

Texas Mortgages – Investment vs Residence

Posted on October 27, 2022October 27, 2022 by admin

In Texas, you can get more than one type of mortgage. The rules for these different loans favor the use of your property, adding conditions to qualify and different rates and charging policies depending on your mortgage needs and use. Understand the difference between investment-based mortgages and residential mortgages with Texas Independent Insurance, serving real estate investors in Allen, TX.

Texas Mortgages – Investment vs Residence

Home Buyers

Residential home buyers are purchasing a property to live in, and the government has historically made this an easier purchase than that of a business property loan. Residential mortgages often have simpler terms to qualify and may have incentives such as low down payments for first-time buyers or those with military service. These loans are described as being for personal, family, or household use and created for long-term payoff. In fact, short-term reselling of a residential loan can even come with penalties depending on the plan.

Business Mortgages

The Department of Savings and Lending describes how second-home mortgages and rehab mortgages differ from standard residential mortgages. Property loans used for investment, either for resale or rental, are considered for business, commercial, or investment purposes. As such, these loans have different criteria for approval as well as frequently have higher interest rates. Unlike a long-term 30-year residential mortgage, most terms are designed for short-term loans that will be paid back upon the sale of the property.

Contact Us Today

Whatever type of home or property loan you need, you’ll also need a comprehensive insurance policy to protect your financial investment. Understand the specific policies that can support real estate investment with a qualified agent like Texas Independent Insurance, serving Allen, TX and providing insurance to Texas mortgage investors.

How Renters’ Insurance Works

Posted on September 26, 2022September 26, 2022 by admin

Renters’ insurance is a type that you should never be without if you are a renter. It’s incredibly important to keep this insurance so that you are protected against many of the risks that you face. These days, it’s common for landlords to require their tenants to have their own renters’ insurance policies so that there is less chance of the landlord being held liable for problems that come up. If you don’t have your policy in place yet, please call us at Texas Independent Insurance in Allen, TX.

Covering Your Possessions

One of the best ways that renters’ insurance covers you is that it offers protection for all of your belongings that are in the home. You might wonder if that’s necessary, but it’s essential to have this coverage. Imagine how much it would cost to replace everything in your home if a major damaging event happened. It would likely be an enormous amount that would be difficult to afford. That’s when renters’ insurance comes in handy. It can pay to get everything replaced and save you from financial ruin.

Liability Protection

Renters’ insurance also protects you against your liability for accidents and injuries. If someone came to your home and had an accident that left them injured, you as the person in charge of the property would be liable for all of the resulting costs. This can include the person’s medical bills and any wages that they lose due to not being able to work. Without a renters’ policy, all of that money would have to come from you.

Get Renters’ Coverage

To stay protected against a wide range of risks, you need renters’ insurance. If you’ve just rented a place or have been going without coverage, call us at Texas Independent Insurance in Allen, TX to get started.

Why do people need to have motorcycle insurance?

Posted on August 30, 2022August 30, 2022 by admin

Owning a motorcycle in Allen, TX can be a good option for many people. If you do purchase one here, you need to carry motorcycle insurance at all times.

There are various reasons why this coverage is considered a necessity:

Reduce Risks

One of the primary reasons to get an insurance plan for your motorcycle is to reduce your risks of ownership. There are always going to be risks that come with owning and operating a motorcycle and a motorcycle insurance plan can mitigate many of them. With a motorcycle insurance plan, you will be able to offset your liability risks that can come with causing an accident. It also can be used to offset the risks associated with your motorcycle being damaged in an accident or stolen as you can receive support to replace the asset.

Owners Often Have Requirements for Coverage

It also would be a good option to get a motorcycle insurance plan as it could be a requirement. Most people that own a motorcycle are also going to be required to carry motorcycle insurance. If you have taken out a loan when you bought the motorcycle, you will likely need to carry a policy to comply with any lender standards. In Texas, motorcycle operators are required to carry liability insurance if they want to drive it on a public road. With a proper motorcycle insurance plan, you can stay in good standing with such requirements.

Give Us A Call

Having motorcycle insurance is a necessity if you want to own or purchase a motorcycle in the Allen, TX area. Once you are ready to start looking for coverage, it would be a good idea to call Texas Independent Insurance. The team with Texas Independent Insurance will give guidance that can help you build your next policy to protect your motorcycle.

What Happens If I Don’t Have Boat Insurance?

Posted on July 29, 2022August 1, 2022 by admin

Not having boat insurance could be disastrous, as it’s the only way to protect your financial interests if something goes wrong. Even a minor accident on a boat can be catastrophic, as they often have a high value and are hard to repair or replace.

Not having the insurance can even put your financial well-being at risk in the future, as you might lose your homeowners’ or renters’ insurance if the policy has a clause that bans boats from your property. You can contact Texas Independent Insurance in Allen, TX for navigating this important insurance coverage.

Boat Insurance Coverage: What You Need To Know

Not having boat insurance can lead to serious financial repercussions if something happens to your boat and it can’t be used anymore. The insurance comes with a variety of benefits, including liability coverage, medical coverage, and sinking coverage. With sinking coverage, your boat will be covered if it sinks due to circumstances beyond your control, like a flood or storm. Liability coverage pays for any costs associated with damages or injuries that happened due to negligence on the part of the boat’s owner.

Boat insurance is mandatory in some states, and it’s a good idea to have it even if it’s not required. Without boat insurance, you won’t have coverage if your boat causes property damage, injuries, or even fatalities. If you’re ever in an accident, you won’t have legal representation on your side. Not having boat insurance may seem like a good idea if you’re on a tight budget, but it’s a risk you shouldn’t take.

You may not have thought about it, but a sudden drop in temperature can cause your boat to become frozen in the water. If you don’t have insurance and your boat becomes frozen in the water, you may be stuck with significant repair bills. It may be obvious, but you also need to have the right level of cover if you have passengers on board. Passengers may not be covered by your policy and you may be held responsible for their injuries. If you don’t have insurance, you may also be unable to replace your boat if it’s damaged beyond repair.

Give Us A Call

Not having boat insurance leaves you with very little protection in case of an accident or emergency. The consequences of not having insurance are severe – you could be sued for damages, or even lose your boat if you cause a serious accident.

You also risk losing your license if you’re caught without the required amount of liability coverage. The other party would likely sue you for damages, and you wouldn’t have any way to pay for it. Texas Independent Insurance in Allen, TX is here to offer you expert insurance advice.

How Umbrella Insurance Works

Posted on June 30, 2022June 30, 2022 by admin

There are many common types of insurance that are needed by large numbers of people. These include auto and home insurance policies. If you have both of these insurance types, there is a way that you could be better covered. Getting umbrella insurance can increase your amount of specific types of coverage. If you want to know more, call us today at Texas Independent Insurance in Allen TX.

How Umbrella Insurance Works

Home and Auto Insurance

When you have both of these types of insurance policies, you have several types of coverage in each policy. One of these is your liability insurance. Not having much liability coverage is highly common, and that can leave you with a big financial problem. If you don’t have enough liability coverage, you could end up owing a lot of money after a serious accident that costs a lot in medical bills. To get more of this coverage for both policies, all you need is umbrella insurance. It costs much less to get umbrella insurance than it would add more coverage directly to both policies.

The Umbrella Insurance Process

When an accident has happened and there are injuries that require medical attention, your auto or home insurance steps in first to pay what it can toward those bills. However, they can only pay up to the policy’s limit. Anything after that is overage that you are responsible for unless you have umbrella insurance. When you have an umbrella policy, it comes in after the home or auto policy and pays what is left over. Umbrella policies have extremely high maximums that are likely to pay anything left over.

Get Your Umbrella Insurance

If you could use more liability coverage for both your home and auto insurance, give us a call today at Texas Independent Insurance in Allen, TX.

Will flood insurance cover damage to the foundation of my home?

Posted on May 31, 2022June 9, 2022 by admin

Your house’s foundation is the structural foundation of your home. Your home sits on top of your foundation. However, as time goes on, your foundation may crack and settle. Other things may also happen that affect the structural integrity of your home. Flooding is a natural disaster that can severely compromise your home’s foundation. Our Allen, TX team of licensed and experienced agents at Texas Independent Insurance can help homeowners answer questions regarding their foundation in relation to flood damage.

What Does Flood Insurance Cover?

Flood insurance has the ability to create peace of mind because it covers a broad scope of different things. For example, flood insurance covers damage to your personal belongings, furniture, carpeting, cabinetry, electrical and plumbing systems, and much more. Best yet, flood insurance covers damage to your home’s foundation if the damage resulted from a flood. Homeowners should make a distinction between a foundation that’s been compromised due to flooding and one that’s sustained damage from age, wear and tear, and gradual settling. A flood insurance policy will only cover a foundation that was damaged as a direct result of a flood.

Flood Insurance and Your Foundation

Fortunately, flood insurance will pay for the repair or replacement of your foundation if your foundation sustains significant water damage from a flood. A standard homeowners policy doesn’t provide this type of coverage for damage caused by flooding. This is one reason why people who live in flood zones opt to purchase flood insurance.

Contact Us Today

If you’re a homeowner who has questions about flood damage coverage, give us a call at Texas Independent Insurance. We’d be happy to answer all of your questions. Our Allen, TX team is committed to educating homeowners on the benefits of flood insurance.

ABCs of real estate investment insurance

Posted on April 29, 2022May 10, 2022 by admin

Texas Independent Insurance wants to help the real estate investors in the greater Allen, TX area. If you are concerned about the risk that your real estate investment portfolio presents, it’s time to look for an appropriate insurance policy. Give our office a call today and let us help you find the policy that’s right for you.

Protect your real estate portfolio with investment insurance

When it comes to real estate, investors know just how much risk is involved. And, there is the added complexity of an ever-changing portfolio. Your holdings may vary from month to month, but your need for protection never will.

With the right policy, you will be able to make changes to the pool of covered assets in real-time. You can find protection for:

Vacant land – even if you haven’t begun a development project, you can still protect your investment.
Rehab properties – this may be a lot of risk to take on, but there are policies available that can protect you while you get your property ready for the next tenant.
Occupied properties – perhaps on the lower end of the risk scale, these properties still need protection. And, it is easy to convert vacant properties to occupied within your portfolio.

These policies are available with a variety of different protection levels and you will oftentimes be able to choose your level of deductible. Fully customizable protection is what you need, and fortunately, there are such options available.

Let’s work together

Allen, TX area real estate investors can turn to Texas Independent Insurance for all of their insurance needs. If you would like to learn more about the real estate investment insurance options that are available in our area, call or stop by today. We look forward to working with you!

Is Renters Insurance Needed?

Posted on March 14, 2022February 20, 2022 by admin

Many renters assume that their landlord’s insurance policies will protect their personal belongings, but that is far from the truth. A landlord’s policy will cover the home or apartment that you reside in and any belongings that they own, but not your items. For some, renters insurance may not even be an option with many landlords now requiring a policy within your lease.

It is easy to underestimate how many belongings you own and if you are debating if renters insurance is a must you should take inventory of all your belongings by opening every drawer, closet, nook and cranny to establish the value of all your items. By adding the value of your clothes, electronics, furniture, and everything else you own together you’ll likely be very surprised by the high figure.

Renters insurance does more than just help cover the cost of damaged belongings after a covered incident, it also can pay for housing after a disaster. Otherwise known as “loss of use” or “additional living expenses” coverage, this portion of your policy contributes towards the cost of a hotel or alternative living arrangement should your rental be inhospitable while being repaired. Additionally, renters insurance also includes liability coverage should a third party be injured while at your rental or even off the premises depending on the specifics of the policy.

Most importantly, renters insurance protects your savings and net worth because it safeguards you from having to pay out of pocket to replace belongings when disaster strikes. At Texas Independent Insurance in Allen, TX we can help you determine if renters insurance makes sense for your circumstances. Give us a call today or stop by our conveniently located office to learn more information.